The US $15 million commitment is to the SUSI Asia Energy Transition Fund (SAETF), a Southeast Asia-focused energy transition infrastructure fund managed by Swiss-based firm SUSI Partners, cited from the press release by the UK Embassy in Hanoi.

Wind power development in Vietnam in the near future (Photo: Getty Image).

With this commitment, BII joined other development finance institutions, including AIIB, FMO, Swedfund, Norfund, and OeEB, as well as private investors in backing SAETF.

SAETF also announced its targets for infrastructure investments like renewable energy, energy efficiency, and energy storage projects, and focuses on emerging economies in Southeast Asia, including Vietnam.

The Fund will contribute to global climate mitigation goals and the Paris Agreement by financing clean energy solutions, increasing the supply of reliable and affordable electricity for businesses and consumers, and enabling access to clean energy solutions in underserved areas.

BII’s investment is also aimed at attracting further commercial investors to unleash climate finance opportunities and support green, resilient economic growth in the region. This is a great step towards UK’s support of Vietnam’s Just Energy Transition Partnership which was launched in December 2022 and targets to mobilize finance to support Vietnam to achieve its sustainability ambition.

Srini Nagarajan - Managing Director and Head of Asia at BII (Photo: BII).

Managing Director and Head of Asia at BII Srini Nagarajan addressing the advantages of backing SAETF, said that BII laud the region’s climate ambitions and looks forward to collaborating with SUSI’s local teams to further develop scalable and bankable sustainable projects.

British Ambassador to Vietnam Iain Frew commented on BII’s first investment in Southeast Asia under the current 2022-2026 investment strategy.

"I am delighted to see British International Investment taking concrete action in supporting the Indo-Pacific region with a focus on climate finance. Investments such as this demonstrate the UK’s strong commitment to helping Vietnam exploit its great clean energy potential and lead transformative, sustainable economic growth," said the British Ambassador.

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